Personal Finance

TD Mortgage payment/withdrawal question

  • Last Updated:
  • Aug 9th, 2019 10:14 am
[OP]
Newbie
Mar 6, 2011
15 posts
15 upvotes
Côte Saint-Luc

TD Mortgage payment/withdrawal question

We are looking to pay off our mortgage.

For arguments sake, lets say we have $10,000 left. We make a weekly payment of $250 which is taken out of our account on Tuesdays. It shows that the amount was taken out right away from our account but it does not reflect on our mortgage until Saturday.

When I went to pay off the $9750 on Saturday that was left, I was told I still had one more weekly payment of $250 after that. According to the bank our mortgage payment is deducted before the payment is withdrawn from our account. Which means when I went to see them on the Saturday and our mortgage was at $9750, our payment was not taken out from the Tuesday.

Does anyone know if this means they always deduct the mortgage amount before the money is even taken ? Does that make sense ?
2 replies
Deal Addict
Jan 15, 2017
4240 posts
3763 upvotes
Ottawa
When paying off any loan in full, you should call and request the payout amount as of a certain date. There is a different process to pay out a loan than simply paying the outstanding balance. Call TD and tell them of your plans and they will take care of it for you.
Deal Addict
User avatar
Mar 10, 2018
3858 posts
859 upvotes
centre of universe
skeet50 wrote: When paying off any loan in full, you should call and request the payout amount as of a certain date. There is a different process to pay out a loan than simply paying the outstanding balance. Call TD and tell them of your plans and they will take care of it for you.
Or simply visit branch and do it. Preferably where the account is. Also note there are some lump-sum payment allowed up to 15% or so. Without penalty. Just forgot 15% of original or what. it was long time ago.
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